This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Laboratory Corporation Of America® Holdings Announces 2013 Third Quarter Results

Laboratory Corporation of America ® Holdings (LabCorp ®) (NYSE: LH) today announced results for the quarter ended September 30, 2013.

Third Quarter Results

Net earnings were $148.3 million and earnings per diluted share (EPS) were $1.63 in the third quarter of 2013. Non-GAAP earnings per diluted share, excluding amortization, restructuring and other special charges recorded in the third quarter of 2013 and 2012 (Adjusted EPS Excluding Amortization) were $1.80 and $1.76, respectively.

Revenues for the quarter were $1,462.2 million, an increase of 3.0% over the third quarter of 2012. Testing volume, measured by requisitions, increased 5.1% and revenue per requisition decreased 1.9%. Revenue per requisition decreased year over year due largely to previously-discussed government payment reductions, payment issues related to molecular pathology codes and strong growth in the Company’s toxicology business.

Operating income for the quarter was $244.6 million. Non-GAAP operating income excluding restructuring and other special charges recorded in the quarter (Adjusted Operating Income) was $248.3 million, or 17.0% of revenue. Margins were negatively affected by the factors noted above.

Operating cash flow for the quarter was $234.2 million, compared to $203.8 million in 2012. The balance of cash at the end of the quarter was $174.1 million, and there were $372.0 million of borrowings outstanding under the Company’s $1 billion revolving credit facility. During the quarter, the Company repurchased $288.0 million of stock, representing 2.9 million shares. As of September 30, 2013, $304.1 million of repurchase authorization remained under the Company’s previously approved share repurchase plan.

The Company announced that its Board authorized an additional $1 billion share repurchase program. This authorization clearly demonstrates the Company’s continued commitment to return capital to and create value for shareholders.

The Company recorded restructuring and other special charges of $3.7 million during the third quarter of 2013.

During the third quarter of 2013, the Company received cash proceeds of $7.5 million and recorded a net gain of $5.5 million on the sale of an investment. The investment was one of several strategic investments the Company has made in the area of diagnostic technology.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs